Hot topics set for discussion in Beijing
Financial Street Forum to welcome more than 500 senior guests
A prestigious financial event is to commence on Friday in Beijing, where senior government officials, along with experts, scholars and representatives from global financial institutions, will deliver keynotespeeches.
A bilingual sign for the Annual Conference of Financial Street Forum 2024 is prominently displayed on Beijing Financial Street to promote the event. Song Jiaru / for China Daily
The Annual Conference of Financial Street Forum 2024, running until Sunday, is co-hosted by the Beijing government, the People’s Bank of China, the National FinancialRegulatory Administration, the China Securities Regulatory Commission,Xinhua News Agency and the State Administration of Foreign Exchange.
This year’s event is to attract more than 500 distinguished guests from more than 30 countries and regions around the world.
Over the course of three days, participants will engage in discussions on current economic and financial hot topics, aiming to enhance mutual trust, deepen winwin cooperation and share developmentopportunities.
The theme of this year’s forum is “Trust and Confidence — Work Together to Promote Financial Openness and Cooperate for Shared Economic Stability and Growth”.
“Trust is the cornerstone of international cooperation and confidence is the support for economic development,” said Liu Dongwei, executive secretary-general of the forum’s organizing committee and head of Beijing’s Xicheng district.
“This theme fully reflects the deep consensus among the forum’s organizers, financial institutions and industry insiders, highlighting the development concepts of co-consultation, co-construction, co-governance and co-sharing.
“It also showcases the inclusiveness,the role of demonstration and leadership of the Financial Street Forum,” he added.
This year’s forum is structured around a main forum plus parallel forums and a fintech conference. It features 25 thematic activities and three investment and financing matchmaking events.
The main forum includes opening and closing ceremonies, as well as six thematic activities focusing on such topics as improving the modern central banking system, deepening capital market reforms, empowering industries through finance to lead high-quality development,and enhancing mutually beneficial international trade and investment cooperation.
The activities will also provide authoritative interpretations of international and domestic economic development trends and financial regulatory policies.
Additionally, the international level of this year’s forum has been enhanced. It has set up three subvenues in Hong Kong, Luxembourg and Tokyo, inviting local governments and enterprises to participate. And, for the first time, it has invited the Hong Kong Financial Services Development Council to host thematic activities in Beijing.
The closing ceremony will be held in conjunction with the Hong Kong subvenue, inviting representatives from the governments and institutionsof Beijing and Hong Kong Special Administrative Region to participate in an in-depth discussion on the theme of “green finance”, promoting financial exchanges and cooperation between the Chinese capital and the SAR.
Also, it will continue to host highleveldialogues with former central bank governors from major global economic and financial countries, like China, the United Kingdom and Switzerland.
The parallel forums will focus on “strengthening economic and financial cooperation for coordinated development” and “finance supporting sustainable economic development”, setting up a series of professional, cutting-edge and in-depth activities.
The fintech conference, serving as a specific segment of the forum, will run until Tuesday. It will feature 17 events, focusing on artificial intelligence plus financial innovation;data elements plus financial applications; fintech development and achievements; and bridging the digital divide through fintech.
Liu highlighted five major featuresof this forum, one of which is the richer thematic setting. For instance, the forum has, for the first time, invited the Ministry of Industry and Information Technology and centrally-administered and State-owned enterprises to host themed activities. These aim to emphasize the forum’s role as a platform for positive interaction between finance and the real economy.
Theforum has also innovated the path of sci-tech transformation by creating a fund-themed forum and holding corporate roadshows and industry-finance matchmaking meetings.
This year, the forum offers a varietyof supporting activities, making it not only a professional exchange platform for financial industry practitioners but a grand event for the public.
For example, during the forum, a large-scale cultural performance will be held at the Beijing Tianqiao Performing Arts Center, covering various art forms such as dance, song, music and opera.
In addition, the forum will conducta large-scale series of shopping activities. Starting from Oct 1 and lasting nearly a month, these activitiesare taking place mainly at Beijing’s Seasons Place luxury shopping mall and its surrounding areas.
They include a coffee market, auto shows, electronic product roadshows and outdoor dining experiences. There will also be a global product launch and sale event, offering substantial discounts and consumption vouchers to the public.
Stock exchange focuseson developing expertiseof technological SMEs
As part of the Annual Conference of Financial Street Forum 2024, a parallel forum organized by Beijing Stock Exchange is to be held on Friday.
The Beijing Stock Exchange’s exhibition at a high-tech expo in the city in July. provided to China Daily
In response to the annual conference’stheme of “Trust and Confidence— Work Together to Promote Financial Openness and Cooperate for Shared Economic Stability and Growth”, the parallel forum will focus on supporting small and medium-sized enterprises in pursuing specialization and sophistication to serve the development new quality productiveforces.
Liang Zhifeng, head of the SME Bureau at the Ministry of Industry and Information Technology; Shang Qingjun, deputy directorgeneralof the Department of Public Company Supervision at the China Securities Regulatory Commission;and Zhang Wen, president of Beijing Financial Court, have been invited to make keynote speeches at the forum.
Other keynote speakers will include Huo Xuewen, chairman of Bank of Beijing; Zhang Qicheng, chairman of Caitong Securities; Li Xiaowei, deputy general manager of Fullgoal Fund Management Company; and Zhou Guihua, chairman of BSE.
Since its inception in 2021, BSE has positioned itself as a main arena for serving innovation-driven SMEs and helping with their growth on the journey toward specialization and sophistication, according to its management.
During the parallel forum, attendees will discuss improving the quality of BSE-listed companiesby enhancing the accumulation of innovative SMEs, which use specialized and sophisticated technologies to produce novel or unique products.
Among the panel discussion participants are Zhang Peng, deputy director of the listed companies research center at the Chinese Academy of Social Sciences;Zhu Haibin, general manager of Kaiyuan Securities Beijing Stock Exchange research center; Liu Ping’an, chairman of GGR Capital; and Wu Jinjun, chairman of Machinery Technology Development.
Atthe forum, BSE, the National Equities Exchange and Quotations,and Beijing Financial Court will sign a memorandum of understanding for cooperation in assisting SMEs in their innovative development and serving new quality productive forces.
As the youngest stock exchange, BSE puts an emphasis on internationalization, helping domestic businesses with their innovative development and sharing the opportunities arising from China’s high-quality development.
Thus BSE has arranged a specialsharing session at the forum, inviting executives from stock exchanges from Oslo in Norway, Singapore and China’s Kong Hong to offer insights into how overseas capital markets serve tech companies and foster future industries.
Over the past three years, BSE has focused on target groups, continuously played the role of an experimental field for reform, explored the path of inclusive financial development in the capitalmarket and made substantial progress in high-quality construction.
Datafrom the BSE show that of the listed companies, nearly 80 percent are from strategic emergingindustries and advanced manufacturing. Specialized and innovative enterprises that have been granted the national “little giant” status account for more than half. Also, a large number of businesses have been recognized as “champions” in their respective segments of the manufacturing industry or have won nationallevel science and technology awards.
Intl institutions choose hub in heart of capital
As the Annual Conference of Financial Street Forum opens in Beijing on Friday, the place where the forum happens and takes its name from is stepping into the spotlight.
Financial Street is a bustling economic hub in downtown Beijing, where more than 1,900 financial institutions from China and abroad have made a presence. Wen Zhao / for China Daily
After more than 30 years of development, the street has become a leading economic hub in the city center and become a globallyrenowned financial district.
“Financial Street in Beijing, occupying only two 10,000ths of the city’s total area, contributes nearly 40 percent of the added value of the city’s financial industry and close to 70 percent of tax revenueof the financial industry, making it a leading financial hub in Beijing,” Liu Dongwei, head of Xicheng district, said at a recent news conference.
In the 2.59-square-kilometer core area of Financial Street stand more than 60 commercial buildings.
Amongthem, the Winland International Financial Center has attracted more than 40 global financial institutions including Goldman Sachs, J.P. Morgan and UBS. “Since 2002, we have been communicating with international financial institution clients,” Yu Zhiqiang, chairman of Winland Group, told Xinhua News Agency.
“Over the past 20 years, the needs of our clients have continuouslyevolved and our service standards have kept pace, forming an operational service and security system that is in line with the standards of top international financial institutions,” Yu said, adding: “We have received positive feedback from our clients.”
Mi Yang, head of research for JLL North China, told Xinhua that in the fourth quarter of 2023, rentalprices for pure leasing projects in Financial Street saw a slight decrease but still remained at the top nationwide. It had the lowest vacancy rate for commercial buildingsin Beijing. In his opinion, the street has embarked on a path of high-quality development.
There are nearly 210,000 financial industry professionals working on Beijing Financial Street, two-thirds of whom have a master’sdegree or above.
“For young people, Financial Street is a comprehensive platform for growth,” said Feng Kai from the Export-Import Bank of China, who has been working on Financial Street for more than 10 years. “Here, you can keep abreast of the latest financial trends and the highest-level financial expertise, and access the most professional financial talent.
“In the process of serving the real economy, preventing financial risks and deepening financial reform, you can realize your own value,” said Feng.
Data from the Beijing Financial Street Services Bureau show that the talent, information and service aggregation effects in the Financial Street business district are increasinglyevident.
In 2023, 50 new financial institutionswere introduced to the street, with an additional registered capitalof 41.3 billion yuan. Currently, Financial Street has gathered more than 800 key financial institutions and 175 headquarters enterprises. Of them, 16 have joined the ranks of the Fortune Global 500 companies.
A sound business environment has proved to the biggest magnet for these financial institutions. For more than 30 years, Financial Street has adhered to the service concept of combining government, chambers of commerce and enterprises,catering to the needs for the development of the financial industry, financial institutions and financial professionals, and continuouslyimproving services.
Facing the complexity of the global economic situation, Beijing Financial Street is promoting the inflow of financial institutions, professionals and information; improving the quality of modern financial services; strengthening its role as a national financial management center and contributing to the construction of a financially strong country, local officials said.
Driven by the street, Xicheng district has posted strong performancein its financial industry.
The district’s financial industry achieved an added value of 322.75 billion yuan in 2023, a year-onyearincrease of 6.8 percent. That has been higher than the average growth of the city’s financial industry for three consecutive years and accounted for 37.3 percentof the total added value of the financial industry in the city, according to Lu Wuxing, head of the Beijing Financial Street ServicesBureau.
The momentum continued into the first half of this year, when the added value of the financial industry in Xicheng amounted to 158.4 billion yuan, up 6 percent from the same period of 2023. That accounted for 54.4 percent of the district’s GDP, setting a record.
Nineteen financial institutions were introduced to the street this year, adding registered capital worth 75.4 billion yuan.
Shopping season adds festive joy to key event
A vibrant shopping season is underway in Beijing’s Xicheng district,as a supporting event for this year’s Annual Conference of Financial Street Forum.
Launched on Oct 1, this nearly monthlong event marks the first large-scale consumption promotion in conjunction with the forum, according to organizers.
Yuan Li, director of the Xicheng commerce bureau, said that the shopping season is part of Beijing’s initiative to establish itself as an international consumption center demonstration zone.
The aim is to cultivate a festive atmosphere around Financial Street, where the forum is being held, and harness Xicheng’s strengths in commerce, culture and technology to bolster the support services of Financial Street, he added.
The main offline activities of the shopping season began on Thursdayand will span four days, featuring a temporary pedestrian street stretching from the west end of Jinchengfang Street to Taiping-qiao Street.
Highlights include the Financial Street International Coffee Gala, showcasing around 60 renowned domestic and international coffee brands; an auto show spotlighting high-end imported vehicles and new energy innovations like XPeng’s flying car; and a roadshow featuring Huawei’s latest smartphones.
Parkson,a comprehensive shoppingmall, is serving as a subvenue for the shopping season, hosting fashion shows and an exhibition of jewelry designed by college students.
Additionally, the district will release surprise vouchers on the “Xicheng Consumption” online platform at scheduled internals and in limited quantities to encourage shoppers.
The season also includes the second phase of a trade-in program for consumer goods. Individual consumers purchasing any of the eight eligible categories of home appliances will receive a trade-in subsidy of approximately 10 percentof the purchase price.
来源：CHINA DAILY 中国日报
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